Brookfield Agrees to Acquire Forest City in $6.8B Deal

**Forest City's Foundry Lofts:** The midrise is located in The Yards in Washington, D.C., next door to the Nationals Park baseball stadium and the Anacostia Riverwalk Trail.

Just four months after declaring it wanted to remain an independent REIT, Cleveland-based Forest City has agreed to be acquired by Toronto-based Brookfield Asset Management, reports Bloomberg's Scott Deveau and Gillian Tan. The $6.8 billion transaction is expected to close in the fourth quarter of this year.

“Forest City has created a high-quality portfolio of operating and development assets over its 100-year history,” said Brian Kingston, chief executive officer of Brookfield Property Group. “We look forward to creating further value in these great assets on behalf of our limited partners.”